Development Strategy

FHN’s strategy is to acquire substantial oil and gas assets in Nigeria, building a strong and sustainable production base that delivers returns for our shareholders and increased production levels in Nigeria, with greater local ownership and participation.

FHN acquired a 45% interest in the OML 26 onshore portfolio of assets in Delta State from the Nigerian Petroleum Development Company (SPDC) Joint Venture in October 2010, providing it with an existing production base. The Company is working alongside its operating partner, NPDC to explore, appraise and develop the assets with a mid-term objective of increasing production to 50,000 bopd within 5 years.

The Company will look to acquire further stakes in assets currently under negotiation, assets that are currently held by international independents or by the Joint Ventures between the Nigerian Government and International Oil Companies (IOCs) that may become available and assets that may be divested in connection with indigenous licensing rounds. The Company is supported by Afren plc (an independent upstream oil and gas exploration and production company listed on the main market of the London Stock Exchange and constituent of the the FTSE 250), in the execution of its technical, development, operational and acquisition strategies.